CONTENTS

1

SUEZ COMBINATION ............................................................................................................................

3

1.1

Suez combination ........................................................................................................................................

4

2

MAJOR EVENTS OF THE PERIOD ....................................................................................................

8

2.1

Business and income trends........................................................................................................................

9

2.2

Changes in Group structure - Strategic Program .....................................................................................

10

2.3

Group financing .........................................................................................................................................

13

2.4

Performance share plan and Group savings .............................................................................................

14

3

ACCOUNTING AND FINANCIAL INFORMATION .........................................................................

17

3.1

Key figures .................................................................................................................................................

18

3.2

Group revenue...........................................................................................................................................

19

3.3

Group EBITDA...........................................................................................................................................

24

3.4

Other income statement items...................................................................................................................

26

4

FINANCING ..............................................................................................................................................

32

4.1

Change in Free Cash Flow and Net Financial Debt ..................................................................................

33

4.2

Industrial and financial investments...........................................................................................................

35

4.3

Operating working capital ..........................................................................................................................

36

4.4

External Financing .....................................................................................................................................

37

5

OTHER ITEMS.......................................................................................................................................

39

5.1

Return on Capital Employed (ROCE)........................................................................................................

40

5.2

Statutory Auditors' fees..............................................................................................................................

41

5.3

Related-party transactions.........................................................................................................................

41

5.4

Subsequent events ....................................................................................................................................

41

5.5

Risk factors ................................................................................................................................................

42

5.6

Outlook.......................................................................................................................................................

42

6

APPENDICES.......................................................................................................................................

43

6.1

Reconciliation of data published in 2020 and 2019 with data re-presented in 2021 .................................

44

6.2

Reconciliation of GAAP indicators and the indicators used by the Group ................................................

45

6.3

Definitions ..................................................................................................................................................

47